Kingbird NZ

Frequently Asked Questions

With homeownership being one of the biggest financial commitments most people make, understanding what really goes on during the mortgage process is essential for both first home buyers and seasoned homeowners alike.

A mortgage is essentially an agreement where a loan is secured by the borrower, typically for the home they wish to buy. This financial arrangement means that if the borrower is unable to keep up with the home loan repayments, the lender has the right to take ownership of the property.

Mortgage brokers like Kingbird Mortgages and Finance can help you get a wider range of lender and loan options, potentially better savings over the loan’s term, assistance throughout the loan application process, and expert advice on the different types of mortgage structures you can use.

Fixed-rate mortgages enable borrowers to lock in an interest rate for a specific term. This protects borrowers from fluctuations in interest rates for that term, offering peace of mind and facilitating easier budgeting and financial planning.

In contrast to fixed-rate mortgages, floating-rate mortgages have interest rates that fluctuate over time. A notable advantage of floating rate mortgages is the lower fees when making additional payments or paying off the mortgage earlier than scheduled.

Interest-only mortgages are tailored to minimise monthly financial commitments by only charging borrowers the interest of their home loan. This mortgage type can be particularly helpful during times of financial strain, such as during job loss or health emergencies.

Some borrowers may choose a split loan mortgage structure by having a portion of their loan on a fixed rate and another on a floating rate. This allows the borrower to benefit from both the stability of a fixed-rate mortgage as well as the flexibility of a floating-rate mortgage. If this loan option is something you are interested in exploring, Kingbird Mortgages and Finance can help.

Pre-approval is a confirmation from the lender to prove that you can borrow up to a certain amount of money for a home purchase. It’s essential to understand that pre-approval is not a guarantee of final loan approval.

The loan-to-value ratio (LTV) is a measurement of the ratio of a loan to the value of the property purchased.

For example:

  • Property Value: $500,000
  • Loan Amount: $400,000
  • LVR: 80%

The debt-to-income ratio (DTI), expressed as a percentage, measures the proportion of your gross income that goes towards paying your debts each month. Keeping your DTI ratio low is recommended as it gives you a better chance of securing a loan with favourable terms.

Your home deposit can include a combination of savings, KiwiSaver withdrawals, or financial gifts from family members. A substantial deposit can lead to more favourable mortgage rates while lowering your overall loan balance.

These additional costs can include legal fees for reviewing your contracts, valuation fees to assess the property’s worth, various types of insurance like home and contents insurance, and the physical cost of moving. Budgeting for these costs is important to ensure you’re fully prepared.

A builder’s report assesses the property’s current structure and systems, laying out the condition and any existing or potential issues that could require maintenance in the future. Investing in a detailed builder’s report will give peace of mind to prospective homeowners or investors about their purchase, potentially saving thousands of dollars in unforeseen repairs.

A LIM report, sourced from the local council, compiles information concerning the property from various council records as of the date issued. This report often includes details on zoning, consents, permits, rates information, and known hazards or restrictions affecting the property.

In contrast to free online estimates, a formal valuation conducted by a Qualified Registered Valuer involves a thorough in-person assessment, offering a precise estimation grounded in current market conditions.

  • Membership Duration: You need to have been in the KiwiSaver scheme for a minimum of three years.
  • Age Requirement: You must be over 18 to withdraw funds for this purpose.
  • First-time Withdrawal: You cannot have previously withdrawn from KiwiSaver to aid in buying a home or land.
  • Owner-Occupier Intent: The property you’re acquiring must be intended as your principal place of residence, not an investment property.
  • Location Limitation: The home or land should be located within New Zealand.

One of the primary incentives to refinance is to secure a lower interest rate, which can lead to significantly reduced monthly payments and less money paid in interest over the life of the loan, potentially saving thousands of dollars.

In New Zealand, credit scores range from 0 to 1,000. A higher score suggests to lenders that you’re a lower risk, potentially granting you better terms for mortgages. Most banks insist on a minimum credit score, often not lending to individuals with scores below a certain threshold. However, some non-bank lenders may be more flexible.

Looking for mortgage advice?

Book an appointment with one our expert mortgage advisers by filling out the form below.

Terms and Conditions
The information on this website is provided for general information only and does not take into account your personal situation. You should consider whether theinformation is appropriate to your needs, and where appropriate, seek professional advice from nancial, legal and taxation advisers. Although every eort has beenmade to verify the accuracy of the information, Prospa, its ocers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded),for any error, inaccuracy, or omission from the information or any loss or damage suered by any person directly or indirectly through relying on this information.Eligibility and approval is subject to standard credit assessment and not all amounts, term lengths or rates will be available to all applicants. Fees, terms and conditionsapply. FSP663891. NZBN 9429046731678

Kingbird Limited Privacy Policy

Pursuant to the Privacy Act 2020, this Privacy Policy governs the way Kingbird Limited collects, uses, maintains and discloses information collected from users (“User” and “you”) of the kingbird.co.nz website or via one of our advisors.

GENERAL PURPOSE OF COLLECTION
Kingbird Limited (“kingbird”, “we” and “us”) needs to collect personal information from you and from others and share your information with others to:

Assess your application for credit, or offer a service or market a product to you that is either our product or a product that we market or administer or conduct market research, where the information is combined with other information and in a form that does not identify you or meet our internal operational requirements, such as for credit and risk management, system or product development and planning, insurance, audit and administrative purposes; or to facilitate the transfer or assignment of our rights.

CONSENT

By agreeing to this Privacy Policy, you consent and authorise us to:

  1. Provide your personal information to a credit reporter, including Equifax New Zealand Information Services and Solutions Limited or Dun & Bradstreet (New Zealand) Ltd, for identity verification, credit reporting (including comprehensive credit reporting) and monitoring services both now and in the future.
  2. Make disclosure of any personal information to any third party that provides services to us, including but not limited to any bank, law firm, other professional, debt collection agency, a market research firm, insurer, potential assignee, transferee or another person whom we anticipate entering into contractual relations in connection with this loan, any third party who has or may have a financial interest in this loan, or any other person or organisation authorised by you, who has agreed only to collect, hold, use, and share your personal information for the purposes for which it has been given to them.
  3. Disclose and receive your personal information, including but not limited to details of this loan, any associated loan application, any financial dealings you may have with us, your address, telephone number(s), the place where you work, details of your income and any convictions you may have, with the organisations set out in paragraphs 1 and 2 above and in relation to the purposes listed above. You have a right to ask us not to use your personal information for the purpose of marketing or offering a service to you.

    Please Note:
    • If you do not consent, we will not be able to consider your application.
    • The lenders we work with may also use your personal information in the above ways.

By using our services, you accept this Privacy Policy. If you do not agree to this Policy, please do not use our Website or Services.

WHAT WE COLLECT
Personal identification information
We may collect the following information:

  • Your name, email address and contact information.
  • Information necessary to verify your identity as required by anti-money laundering laws.
  • Demographic information such as postcode, preferences and interests.
  • Other information relevant to customer
    surveys and/or special offers.
  • Financial details pertaining to a loan application or other financial services.
    We may collect personal identification information from Users in a variety of ways, including, but not limited to, when Users visit our website, register on the website, place an order, fill out a form, or fill out a form we provide you.

We may use that information:

  • to consider this application.
  • to consider any future application for products or services which involves you.
    We can also use it:
  • to administer and monitor products or services provided to you.
  • to comply with legal and regulatory requirements (including identity verification requirements)
  • to provide you with information about other products or services, including those of selected third parties
  • generally, to develop and run our business; and
  • as otherwise described in our Privacy Policy.

 

You agree that – for those purposes – we can provide information about you to, and obtain information about you from, other organisations or people we consider appropriate. Those organisations might include our service providers, other financial and insurance institutions, government departments, your employer or accountant, third parties for the purposes of fraud prevention, identity verification, and any other purposes relevant to those purposes (those third parties may retain information and use it for identity verification and fraud detection purposes), and other appropriate persons.


Non-personal identification information

  • We may collect non-personal identification information about Clients whenever they interact with our Website. Non-personal identification information may include the browser name, the type of computer and technical information about Users’ means of connection to our Website, such as the operating system and the Internet service providers utilized and other similar information.
  • Web browser cookies: Our Website may use “cookies” to enhance User experience. A User’s web browser places cookies on their hard drive for record-keeping purposes and sometimes to track information about them. You may choose to set your web browser to refuse cookies or to alert you when cookies are being sent. If you do this, some parts of the Website may not function properly.


How we use collected information
We may collect and use Users’ personal information (via our Web site) for the following purposes:
• To run and operate our Website
We may need your information to display content on the Website correctly.
• To personalise the Users’ experience
We may use the aggregated information to understand how our Users as a group use the services and resources provided on our Website.
• To improve our Website


We may use feedback you provide to improve our products and services.

How we protect your information
We adopt appropriate data collection, storage and processing practices and security measures to protect against unauthorised access, alteration, disclosure or destruction of your personal information, username, password, transaction information and data stored on the Website.

Sharing your personal information
We do not sell, trade, or rent Users’ personal identification information to others. We may share generic aggregated demographic information not linked to any personal identification information regarding visitors and users with our business partners, trusted affiliates and advertisers for the purposes outlined above. We may use third-party service providers to help us operate our business and the Website or administer activities on our behalf, such as sending out newsletters or surveys. We may share your information with these third parties for those limited purposes.

Third-party websites
Users may find advertising or other content on our Website that links to the sites and services of our partners, suppliers, advertisers, sponsors, licensors and other third parties. We do not control the content or links that appear on these sites and are not responsible for the practices employed by websites linked to or from our Website. In addition, these sites or services, including their content and links, may be constantly changing. These sites and services may have their own privacy policies and customer service policies. Browsing and interaction on any other website, including websites that have a link to our Website, is subject to that website’s own terms and policies.

Google Analytics cookies
This website uses Google Analytics to help analyse how visitors use this website. Google Analytics uses “cookies”, which are small text files placed on your computer, to collect standard internet log information and visitor behaviour information in an anonymous form.
The anonymous information generated by Google Analytics cookies about your use of this website is transmitted to Google. This information is processed to compile statistical reports on website activity for this website only.

Google Remarketing
We may use Google AdWords Remarketing to advertise Kingbird across the Internet on the Google Display Network.
AdWords remarketing may display ads to a User based on what parts of the Kingbird website you have viewed by placing a cookie on your web browser.

This cookie does not in any way identify you individually or give access to your computer or mobile device. The cookie is used to indicate to other websites that “This User visited a particular page, so show them ads relating to that page.”

Google AdWords Remarketing allows us to tailor our marketing to better suit your needs and only display ads that are relevant to you.
If you do not wish to see ads from Kingbird, you can opt-out in several ways:
• 1. Opt out of Google’s use of cookies by visiting Google’s Ads Settings
• 2. Opt out of a third-party vendor’s use of cookies by visiting the Network Advertising Initiative opt-out page.

CHANGES TO THIS PRIVACY POLICY
Kingbird has the discretion to update this privacy policy at any time. We encourage Users to frequently check this page for any changes to stay informed about how we are helping to protect the personal information we collect. You acknowledge and agree that it is your responsibility to review this privacy policy periodically and become aware of modifications.

ELECTRONIC COMMUNICATIONS
You consent to us communicating with you electronically with respect to your application and/or loan. You also consent to us sending you marketing material and/or messages electronically or otherwise, even after you have repaid your loan in full. We will always give you the ability to opt-out or unsubscribe from our emails. We may use third-party service providers to help us send out newsletters or surveys.

CONTACTING US
If you have any questions about this Privacy Policy or your dealings with us, please email us at admin@kingbird.co.nz
By Accessing the Kingbird website, I Agree to the above conditions.